SoundHound AI (SOUN), a pure-play artificial intelligence (AI) voice solutions company, rose to prominence after Nvidia (NVDA) announced an investment in the company last year. This under-the-radar company has since surged to become a major player in the AI voice recognition industry, demonstrating incredible growth. However, on Feb. 14 this year, Nvidia disclosed in a 13F filing that it had sold its entire stake in SoundHound AI. Losing Nvidia's financial backing could be disadvantageous for the company.
To add to the concerns, on March 4, SoundHound announced a delay in filing its annual report (Form 10-K) for the fiscal year ending Dec. 31, 2024. The company attributed the delay to the complexities associated with its recent acquisitions of Synq3 in January 2024 and Amelia Holdings in August 2024. The company intends to file its Form 10-K within the 15-day extension provided by the SEC, which should occur around March 18. This delay has raised concerns among investors, pulling its stock down by 6% on Tuesday.
